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You are reading an older article which was published on
Jul 11, 2022
  • business

RBI Introduces Mechanism for International Trade Settlements in Rupees

The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said.
FILE PHOTO: The Reserve Bank of India seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui
FILE PHOTO: The Reserve Bank of India seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui

Mumbai: The Reserve Bank of India (RBI) is putting into place a mechanism for international trade settlements in rupees, which banks will need seek prior approval to use, it said in a release on Monday, July 11.

The order takes immediate effect and the mechanism is designed to “promote growth of global trade with emphasis on exports,” the RBI said.

(Reuters)

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